CITIC Pacific plans to spend US$2.21 billion over the next two years on developing its iron-ore mining operations, the Wall Street Journal reported. Company Chairman Chang Zhenming said this was part of ongoing efforts to divest non-core assets in order to focus more on special steel, iron-ore mining and Chinese real estate. He added that CITIC Pacific performed well in the first quarter of 2009 and has the money to make investments. However, there are currently no plans to sell a 17.5% stake in Cathay Pacific Airways. Chang, the vice chairman and president of parent company CITIC Group, replaced Larry Yung at CITIC Pacific in April as part of the fallout from the company’s foreign exchange scandal. Chang said CITIC will find a replacement for former managing director Henry Fan, who also resigned due to the scandal, in the next few months.